Docon Sells 9.9% Stake in Thyrocare for Rs 986 Crore
Docon Technologies divests 9.9% of Thyrocare, reducing its stake to 51.02%. Major investors included HSBC and Morgan Stanley.
Docon Technologies, a key promoter of Thyrocare Technologies Ltd, has divested a 9.9% stake in the diagnostics company, raising Rs 986 crore through a series of bulk and block deals. This sale was executed on Thursday across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), involving a total of 1,57,69,696 equity shares.
Details of the Stake Sale
The transactions were conducted within the price range of Rs 624 to Rs 631.71 per share. Specifically, over 1.31 crore shares were sold through block deals, while an additional 10 lakh shares were transacted via bulk deals on the NSE. The BSE saw a further transfer of 16.01 lakh shares through a bulk deal.
Following this sale, Docon's ownership in Thyrocare dropped from 60.92% to 51.02%. The stake sale attracted significant interest from institutional investors, insurance companies, and global investment firms.
Investor Participation
Among the prominent buyers were HSBC Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital Mutual Fund, and ITI Mutual Fund. Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance were also involved, along with international entities like Morgan Stanley, Citigroup Global Markets, HBM Healthcare Investments (Cayman), and the Kuwait Investment Authority.
Despite the significant offloading, Thyrocare's shares experienced a slight uptick following the announcement. On Friday, the shares rose nearly 3% to Rs 621.95 on the NSE and over 2% to Rs 622 on the BSE.
Historical Context and Market Impact
This transaction marks Docon's second major divestment in Thyrocare within a year. In October of the previous year, Docon sold a 10% stake for Rs 667 crore. The continued interest from both domestic and international investors indicates a strong confidence in Thyrocare's market position and future prospects.
The sale reflects a strategic move by Docon Technologies to recalibrate its investment portfolio while continuing to maintain a majority stake in the diagnostics chain. For Thyrocare, the influx of diverse institutional investors could potentially bolster its market strategies and operational expansion.